Ceretto's co-sponsored bill increasing transparency at New York Power Authority passes Assembly

by jmaloni

Press release

Wed, Feb 27th 2013 06:05 pm

Assemblyman John Ceretto,
R-I-C-Lewiston, passed legislation Wednesday to enhance transparency at the New
York Power Authority. Ceretto, a co-sponsor of Assembly bill 4017, noted the legislation
will provide increased oversight at NYPA by standardizing the annual report,
making it similar to the report electric corporations currently file under the
public service law.

"This legislation is a crucial
step in increasing oversight at NYPA by making certain that taxpayer funds are
not abused and ensuring low-cost power is available to create jobs throughout
New York state," Ceretto said. "The current reporting methods are inadequate
and fall short of providing taxpayers with the accountability they deserve from
this massive authority. I believe additional oversights should be put into
place at all of New York's public authorities, which hold $53.7 billion of
taxpayer-funded state debt."

The legislation requires NYPA to
submit a uniformed system of accounts and a comprehensive annual report to the
governor's office, the comptroller's office and the fiscal committees of the
Legislature. These reports will afford these offices greater abilities to
monitor the authority's financial condition concerning all sales, personnel,
plants and equipment.

"This type of comprehensive reporting will
shed more light on the authority's operations and provide lawmakers with
an accurate picture of how it conducts business on a daily basis," Ceretto
said. "From this data, we will have a roadmap on how to reform NYPA, allowing
us to lower taxpayer costs and ensure that low-cost power is used efficiently
and locally to create jobs and lower energy bills."

The bill now awaits action in the
State Senate, where Sen. George Maziarz sponsors it.